A sanctioned shipping company received expedited removal from the Treasury’s sanctions list because of its cooperation, transparency and commitments to the agency, according to a Sept. 25 post by Winston & Strawn.
The Treasury’s Office of Foreign Assets Control sanctioned one entity, three people and five ships for evading U.S. sanctions and delivering jet fuel to Russian forces in Syria, Treasury said Sept. 26.
The Treasury’s Office of Foreign Assets Control on Sept. 25 announced sanctions on two subsidiaries of COSCO Shipping Corporation and clarified that the designation does not apply to their parent company or any of other COSCO affiliates. In total, OFAC announced sanctions on five people and six entities and issued a new Frequently Asked Questions document.
The Treasury’s Office of Foreign Assets Control on Sept. 24 sanctioned four entities and four vessels for operating in Venezuela's oil sector.
Export Compliance Daily is providing readers with some of the top stories for Sept. 16-20 in case they were missed.
The Treasury’s Office of Foreign Assets Control issued a Sept. 23 notice reminding blocked-property holders to submit their Annual Report of Blocked Property by Sept. 30. A report must be submitted of all blocked property held as of June 30, OFAC said.
The Treasury’s Office of Foreign Assets Control announced a $4 million settlement with British Arab Commercial Bank plc for 72 violations of the Sudanese Sanctions Regulations, OFAC said in a Sept. 17 notice.
The Treasury’s Office of Foreign Assets Control announced sanctions on Iran two days after President Donald Trump instructed the Treasury to increase pressure on the country. The sanctions target the Central Bank of Iran, the National Development Fund of Iran and Etemad Tejarate Pars Co. for funding Iran’s military and contributing to terrorism, Treasury said in a Sept. 20 press release.
It may only be a matter of time before countries create a trade payment system to avoid U.S. sanctions, said David Mortlock, a trade lawyer and senior fellow with the Atlantic Council.
The Treasury’s Office of Foreign Assets Control sanctioned three people and 16 entities for involvement with the Nicolas Maduro-led regime in Venezuela, Treasury said in a Sept. 17 press release. The people and entities are connected to Alex Nain Saab Moran and his business partner Alvaro Enrique Pulido Vargas, who have helped the Maduro regime to “corruptly profit” from imports of food aid and distribution within the country. The designated people include Saab’s two brothers, Amir Luis Saab Moran and Luis Alberto Saab Moran, and Pulido’s son David Enrique Rubio Gonzalez, Treasury said. The 16 entities -- based in Colombia, Panama and Italy -- are owned or controlled by the sanctioned people.